Leonardo Gambacorta

Research Adviser
Monetary and Economic Department

Before taking up his current position, Leonardo was Head of Monetary Policy in the Monetary and Economic Department (2010-12). He was also Head of the Money and Credit Unit in the Economic Outlook and Monetary Policy Department of the Bank of Italy (2007-09). He holds an MSc in Economics from the University of Warwick and a PhD in Economics from the University of Pavia. He worked as a financial analyst in the Supervision Department of the Bank of Italy (Milan branch) before becoming Head of the Banking Sector Unit of the Research Department (2004-06). He was a visiting scholar at the National Bureau of Economic Research (2002-03). His main interests include the monetary transmission mechanisms, the effectiveness of macroprudential policies, the financial intermediation process and the functioning of securitisation markets. He is a research fellow of the Centre for Economic Policy Research.

Fields of interest

  • Macroeconomics
  • Monetary policy
  • Central banking

Date BIS research papers
Sep 2017

The real effects of relationship lending

BIS Working Papers No 662

Other authors: Ryan Niladri Banerjee and Enrico Sette

Sep 2017

What are the effects of macroprudential policies on macroeconomic performance?

BIS Quarterly Review September 2017

Other authors: Codruta Boar, Giovanni Lombardo and Luiz Awazu Pereira da Silva

Jun 2017

Macroprudential policy and bank risk

BIS Working Papers No 646

Other authors: Yener Altunbas and Mahir Binici

Jun 2017

The shifting drivers of global liquidity

BIS Working Papers No 644

Other authors: Stefan Avdjiev, Linda Goldberg and Stefano Schiaffi

Jun 2017

The international dimensions of macroprudential policies

BIS Working Papers No 643

Other authors: Pierre-Richard Agénor, Enisse Kharroubi, Giovanni Lombardo and Luiz Awazu Pereira da Silva

May 2017

The impact of macroprudential policies and their interaction with monetary policy: an empirical analysis using credit registry data

BIS Working Papers No 636

Other authors: Andrés Murcia Pabón

Apr 2017

How post-crisis regulation has affected bank CEO compensation

BIS Working Papers No 630

Other authors: Vittoria Cerasi, Sebastian M Deininger and Tommaso Oliviero

Mar 2017

Changing business models in international bank funding

BIS Working Papers No 614

Other authors: Adrian Van Rixtel and Stefano Schiaffi

Feb 2017

Monetary policy and bank lending in a low interest rate environment: diminishing effectiveness?

BIS Working Papers No 612

Other authors: Claudio Borio

Feb 2017

The effects of tax on bank liability structure

BIS Working Papers No 611

Other authors: Giacomo Ricotti, Suresh Sundaresan and Zhenyu Wang